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Rachel Khiara has 17 years' experience as a leading LLP and partnership law advisor, and delivers legal, practical, tailored and business-focused advice to professional practices. We have assisted many firms drafting or updating their LLP Deeds and ancillary constitutional documents, converting from partnership to LLP, acquisitions and mergers of legal businesses and closure of SRA regulated businesses. The work of Khiara Law also involves negotiating financial, exit and entrance arrangements with individual partners, as many firms prefer to resolve these issues outside of formal dispute resolution or contentious forums.
Khiara Law has been sole adviser on many high-profile and complex ABS applications. We have successfully assisted applicants achieve approval for unusual business models, PLC owned entities, private equity arrangements, and foreign businesses. We have obtained, on behalf of our clients, ground-breaking waivers and negotiated operating agreements with the SRA. Our clients include LegalZoom, Jordans Corporate Law, DAS (the UK operating arm of Munich Re), and others.
Khiara Law has advised several of the “Big 4” accounting firms and one of the largest practices outside of the Big 4, on their successful applications to become multi-disciplinary practices, and is retained to advise on ongoing regulatory and compliance issues. Khiara Law has developed a reputation as the “go to” advisor by accounting firms, and spoke at the ICAEW Conference on changes to the legal landscape.
Rachel Khiara has advised many fund management businesses structures as LLPs. These frequently include complex profit sharing arrangements, voting rights and exit strategies, particularly where an investor is a member. Recently, Khiara Law has advised an investment manager and angel investor on the establishment of a fund management LLP for a £40 million investment portfolio in EIS businesses. The matter involved advising on and drafting innovative loan and equity capital arrangements in the LLP Deed.
Our practice extends to advising overseas entities. In addition to UK based global law firms, examples of our work include advising US firms and businesses looking to enter the UK legal market. We have advised several leading African law firms on restructuring their constitutional and governance arrangements in advance of an acquisition by a UK law firm. We are currently advising a firm of patent agents on the establishment of a European office to provide integrated services in the event of a Brexit. This involves unusual arrangements in relation to staffing, inter-entity fee structuring, and service arrangements.
With the removal of the restrictive separate business rules and extension of the non-legal services which can be provided by law firms, we are advising a number of law firms either expanding their offerings in order to drive business towards their core legal service, or entering into joint ventures with clients or investors to provide non-SRA regulated services. Typically in these joint ventures there are complex issues around IP, financial arrangements, voting and veto rights, exit arrangements (including tag, drag and rights of first offer), and restrictive covenants.
Chambers & Partners
Chambers Legal Directory Profile
“A “luminary” in her niche area of regulatory partnership” and “pretty unique in her blending of business desires with regulatory compliance and process knowledge."
Legal 500 Directory Profile
"An absolute command of the regulatory elements of partnership law’ and, in particular, her "exceptional knowledge of SRA regulation and the ABS application process".
Experience in Brief
• Leading professional practices lawyer, advising on all aspects of LLP and partnership law, governance, structuring and legal regulation.
• Experienced advisor to Alternative Business Structure (ABS) applicants, handling some of the most high profile applications to date.
Recent Retained Roles
• Board Member at Legal Compliance Association
• Retained Advisor at Kingsmead Square
• Member of the SRA's industry advisory committee on Outcomes Focused Regulation and Alternative Business Structures
Whistle-Stop Career Tour
• Founded specialist partnership advisory firm Khiara Law LLP in 2011
• Partner at Addleshaw Goddard LLP
• Counsel and member of Tier 1 ranked Partnerships group at Allen & Overy LLP